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Government Incentives

RRSP Withdrawal For First Time Home Purchase

As a first time home buyer, you are allowed to withdraw a maximum of $20,000 from your RRSP account. The withdrawal is non-taxable and redemption must be arranged with the financial institution were the plan is held.

Withdrawal can take some time, but in most cases will be deposited to your account within a week from the time you sign the redemption request. Minimum annual repayment must not be less than 1/15 per year and maximum can be the total amount withdrawn.

The funds can be used for downpayment, legal fees, moving expenses, etc..

Please contact Revenue Canada for full details or call All Canadian Mortgage.